FY 2015-16 Budget Outlook

AI Summary

During a January 16, 2015 City Council Retreat, staff presented the second outlook for the FY 2015-16 budget, projecting a revenue increase of $26.8 million against an expense increase of $62.4 million, resulting in a $35.6 million budget gap. The presentation outlined a comprehensive budget development schedule spanning from February through September 2015, including multiple public hearings, workshops, and town hall meetings, with budget adoption scheduled for September 23, 2015. Revenue forecasts were provided with pessimistic, base, and optimistic scenarios for property values and sales tax revenue across multiple fiscal years.